上市公司股票回购分析大学论文.doc

中文摘要 股票回购（Share Repurchase）是指上市公司利用自有资金或者债务融资以一定的价格购回公司本身已经发行在外的普通股，将其作为库藏股或者注销。股票回购的方式主要有公开市场回购、 要约回购和私下转让等方式。股票回购具有合理避税、优化公司资本、增加财务灵活性和稳定公司股价的作用，因而，股票回购必将对上市公司及资本市场的发展产生重要影响。在西方股票回购已经成为一种常见的资本运作方式。而我国股票回购处在发展初期，在实践中还面临着不少问题。本文描述了股票回购的现实意义，通过对我国上市公司股票回购股票回购的现状进行分析，以我国典型股票回购案例进行实证分析，探讨我国股票回购面临的问题以及发展方向。 关键词 股票回购 实证分析 动机理论 Abstract Stock Repurchase (Share Repurchase) refers to using its own funds or debt financing of listed companies at a certain price to buy the company itself has outstanding common stock, as a stock or cancel called. Mainly include open market repurchase stock repurchase way, offer to repurchase and private transfer, etc. Stock repurchase has a reasonable tax avoidance, optimization of corporate capital, increasing the financial flexibility and stabilize the companys share price, therefore, share repurchase will to have important influences on the development of the listed companies and capital markets. Share repurchase in the west has become a common way of capital operation, and stock repurchase in China also faces many problems in practice. This article describes the type of stock repurchase and stock repurchase motivations, by comparing the domestic and foreign development status of stock repurchase, combined with the actual situation of stock repurchase in China, and makes an empirical analysis with typical stock repurchase cases in our country, and to explore the issue of share repurchase in China is facing a development direction. Keywords Stock repurchase The empirical analysis theory of motivation? 绪 论 （一）选题背景及意义 股票回购是西方资本市场上常见的资本运营方式，也是企业较常运用的经营策略对于已经经历并购扩张、国际化，并逐渐走向多元化的中国市场，股票回购对于改善我国资本市场的结构和经营环境有着极其重要的现实意义。在借鉴西方市场的大量实证和相关理论基上，股票回购在我国迅速被大量上市公司所引用，并且日趋成熟。但是由于资本证券市场的不成熟、不完善，相关法律制度、规范性制度不完善。股票回购在我国证券市场的实际可操作性亟待提高，相关理论研究也相对匮乏。不论是随着我国证券市场的完善和发展，于国际接轨的水平不断提高；还是公司资本的有效运营；以及我国股票回购相关理论研究的滞后，都需要我们研究股票回购的相关问题。 （二）文献综述 1.国外文献综述　　（2000）在深入研究加拿大公司数据之后发现，公告期结束后的非正常收益与公告期内的非正常报酬具有极其重要的联系。分